-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QruTpWae7VyfDFoOQnEET7mUJCM7qAfROuRvmINrOGaWTuwc3CH1azWC6UZqnYDK wh7zl3dYgR7WbU8EQWa85Q== 0001021771-03-000142.txt : 20030807 0001021771-03-000142.hdr.sgml : 20030807 20030807155955 ACCESSION NUMBER: 0001021771-03-000142 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030807 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DCAP GROUP INC/ CENTRAL INDEX KEY: 0000033992 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 362476480 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01665 FILM NUMBER: 03828607 BUSINESS ADDRESS: STREET 1: 90 MERRICK AVE STREET 2: 9TH FLOOR CITY: EAST MEADOW STATE: NY ZIP: 11554 BUSINESS PHONE: 5167946300 MAIL ADDRESS: STREET 1: 90 MERRICK AVE 9TH FLOOR STREET 2: 90 MERRICK AVE 9TH FLOOR CITY: EAST MEADOW STATE: NY ZIP: 11554 FORMER COMPANY: FORMER CONFORMED NAME: EXTECH CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: EXECUTIVE HOUSE INC DATE OF NAME CHANGE: 19911119 8-K 1 k080703.txt FORM 8-K DATED AUGUST 7, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: August 7, 2003 (Date of earliest event reported) DCAP GROUP, INC. ---------------- (Exact name of Registrant as specified in charter) Delaware 0-1665 36-2476480 - ---------------------------- -------------------- --------------------- (State or other jurisdiction (Commission File No.) (IRS Employer incorporation) Identification Number) 1158 Broadway, Hewlett, New York 11557 -------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (516) 374-7600 -------------- Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits 99.1 Press Release, dated August 6, 2003, issued by DCAP Group, Inc. Item 12. Results of Operations and Financial Condition. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. On August 7, 2003, DCAP Group, Inc. ("DCAP") issued a press release announcing its financial results for the fiscal quarter ended June 30, 2003. A copy of this press release is furnished as Exhibit 99.1 to this Report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DCAP GROUP, INC. Dated: August 7, 2003 By: /s/ Barry Goldstein ----------------------------- Barry Goldstein Chief Executive Officer EX-99 3 pressrel.txt EX - 99.1 PRESS RELEASE DCAP Group, Inc. Reports 436% Increase in Operating Earnings over 2002 Second Quarter Operating Income of $329,578 Hewlett, NY--August 7, 2003 - DCAP Group, Inc. (OTC BB: DCAP.OB), the largest chain of storefront insurance agencies in the Northeast, today reported its results for the second quarter of fiscal 2003. Company highlights for the second quarter include: o Second quarter revenue of $1,904,042 versus $592,141 one year ago, o Operating income for the second quarter of $329,578 versus $61,441 one year ago, o Insurance segment profit for the six months ended June 30, 2003 at $626,487 versus a loss of $41,120 for the six-month period ended June 30, 2002, o Premium Finance segment profit of $525,266 for the six months ended June 30, 2003 versus $304,984 for the six-month period ended June 30, 2002. The Company reported second quarter 2003 net income of $307,898 or $.02 per diluted share compared to second quarter 2002 earnings of $58,969 or $.01 per diluted share. (The results from 2002 include income from discontinued operations of $12,669). "We are pleased to report an increase to our earnings of over 400%," said Barry B. Goldstein, Chairman and Chief Executive Officer. "Our strategic acquisitions of the Barry Scott Agencies and Atlantic Insurance Agency have increased our geographic distribution and allowed us to grow our revenue base." On July 14, 2003 DCAP ceased doing premium finance business with Flatiron Credit Company, Inc. Now utilizing the $18 million credit line supplied by Manufacturers and Traders Trust Company along with the proceeds of a $3.5 million private placement of subordinated debt, Payments Inc., the Company's wholly owned premium finance subsidiary, now acts as a true principal in the premium finance business. "Prior to July 14, 2003 we received a fee, and recorded our revenue during the month in which a loan was originated. Essentially, we were a loan broker to Flatiron. The fee received was approximately 1.4% of the loan amount. We recorded no other revenue from those loans, took no risk on such loans, and we were not responsible for the servicing of the portfolio," Goldstein stated. "Going forward we will record these loans on our balance sheet, will recognize interest income over the period of time the loan is outstanding, and will now receive the loan fees and late charges. We will also recognize financing and servicing expenses, where in the past we had none. Since the Flatiron payment we received was greater than the first few months' interest due on the loan less operating expenses, we will experience a decline in premium finance income during the third and fourth quarters of 2003. However, at current origination levels, our overall premium finance revenue going forward will be higher, and this will manifest itself through a growing balance sheet as our loan portfolio builds to what we anticipate to be $23-25 million by year-end 2003," Goldstein stated. - -------------------------------------------------------------------------------- About DCAP Group: DCAP Group, Inc. is the largest chain of independent storefront insurance agencies in the Northeast. DCAP is focused on building the business into a community-based, vertically integrated one-stop financial services center. The Company offers several services to its retail customers at the most competitive rates with a complete portfolio of insurance and related products and services, including premium financing. DCAP currently provides car, motorcycle, homeowner, business and life insurance products from a number of major carriers. The Company also offers tax return preparation services. The Company's storefront agencies are located throughout the New York City metropolitan area and upstate New York as well as in New Jersey and Pennsylvania. More information is available at the Company's website at www.dcapgroup.com. Forward Looking Statements: Statements in this press release, other than purely historical information, including those contained in the comments above by Barry B. Goldstein and the comments regarding the Company's future plans and objectives and expected operating results, and statements of the assumptions underlying such statements, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained herein are based on certain assumptions that may not be correct. They are subject to all of the risks and uncertainties incident to the Company's business that are described in the reports and statements filed by the Company with the Securities and Exchange Commission, including (among others) those listed in the Company's Form 10-KSB. Barry B. Goldstein Chairman and CEO DCAP Group, Inc. 1158 Broadway Hewlett, NY 11557 (516) 374-7600 (516) 295-7216 (Fax) -----END PRIVACY-ENHANCED MESSAGE-----